Eaton Vance Buys Clifton to Add $33.4 Billion in Assets

Eaton Vance Corp. (EV) agreed to purchase Clifton Group Asset Management Co. to add $33.4 billion of funded and overlay assets from institutional clients.

Clifton, which is based in Minneapolis and oversees money for 180 institutions, will become part of Parametric Portfolio Associates, an Eaton Vance unit based in Seattle, Parametric said in a statement today. Terms of the deal, which is scheduled to close by Dec. 31, were not given.

Three Clifton executives -- Managing Principal Kip Chaffee, Chief Investment Officer Jack L. Hansen and Thomas B. Lee, a senior fund manager -- will stay with the firm under new, long- term employment agreements. Eaton Vance is based in Boston.

To contact the reporter on this story: Christopher Condon in Boston at ccondon4@bloomberg.net

To contact the editor responsible for this story: Christian Baumgaertel at cbaumgaertel@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.